January 31, 2020 / 4:44 AM / 22 days ago

SE Asia Stocks-Extend losses as coronavirus fears deepen, Philippines falls most

    * WHO declares coronavirus outbreak a global health
emergency
    * Philippines set for fifth straight session of losses
    * Indonesia set to fall over 4% for the week

    By Arpit Nayak
    Jan 31 (Reuters) - Southeast Asian stock markets extended
losses on Friday after the World Health Organisation (WHO)
declared the coronavirus outbreak a global emergency, with
Indonesia and Philippines easing over 1% each.
    The death toll from the virus crossed the 200-mark in China
with confirmed cases of infection reported in at least 22 other
countries and regions.
    The WHO director-general on Thursday said the greatest
concern was the virus' potential spread to countries with weaker
healthcare systems, compounded by cases of person-to-person
transfer of the virus outside China.
    Economists have signalled the impact of the new virus could
be worse than that of the Severe Respiratory Syndrome (SARS)
epidemic in 2002-2003, which took 800 lives and cost the global
economy an estimated $33 billion.
    All south-east Asian markets were headed for weekly losses
as the virus continued to dampen risk appetite in the region.
    Providing some relief, China's manufacturing activity in
January was in line with expectations, dodging a contraction.

    "China markets' return in the coming week will be assessed
for impact and could add to the noise as selling gets underway,"
IG Market Strategist Jingyi Pan said in note.
    With the growing reassessment of the growth trajectory for
China this year by brokers following the virus outbreak, the
sentiment may be overtly bearish at present, the note added.
    Indonesian shares slumped as much as 1.7% and were
on course to slip 4.2% for the week, with financial and consumer
stocks being the biggest drags on the index.
    An index of Indonesia's 45 most liquid stocks fell
over 2%.
    Bank Rakyat Indonesia shed 2.6% and household
goods maker Unilever Indonesia dipped 2.7%.
    Philippine stocks lost 1.8%, on course for a fifth
consecutive session of losses and were set to be down 4.8% for
the week.
    Financials and consumer stocks took the biggest hit, with
BDO Unibank and conglomerate SM Investments
dropping 2.9% and 2.2%, respectively.
    Singapore shares dipped 0.3% and headed for a loss of
about 1.8% for the month, with conglomerate DBS Group Holdings
 losing 1.4% and Mapletree Logistics Trust
down 1.1%.
    Vietnamese stocks fell nearly 1% after losing over 3%
in the previous session.
    The Malaysian index inched lower 0.1%, following
eight consecutive sessions of losses.
    The Thai bourse inched 0.3% lower, ahead of trade
data for December expected later on Thursday.
    
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SOUTHEAST ASIAN STOCK MARKETS as at 0405 GMT

    
  STOCK MARKETS                                         
  Change on the                                         
 day                                           
  Market            Current       Previous     Pct Move
                                  close        
  Singapore         3163.3        3170.68      -0.23
  Bangkok           1520.48       1523.99      -0.23
  Manila            7260.37       7392.68      -1.79
  Jakarta           5977.3        6057.596     -1.33
  Kuala Lumpur      1544.99       1545.59      -0.04
 Ho Chi Minh        955.47        959.58       -0.43
                                               
  Change so far in                             
 2020                                          
  Market            Current       End 2019     Pct Move
  Singapore         3163.3        3222.83      -1.85
  Bangkok           1520.48       1579.84      -3.76
  Manila            7260.37       7,815.26     -7.10
  Jakarta           5977.3        6,299.54     -5.12
  Kuala Lumpur      1544.99       1588.76      -2.75
  Ho Chi Minh       955.47        960.99       -0.57
 

 (Reporting by Arpit Nayak in Bengaluru; Editing by Shounak
Dasgupta)
  
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